Why you should commence your Putney Vale lease extension

Top reasons for lease extension now:

Increase your lease and increase your Putney Vale property value

Owning a apartment usually means owning a lease of the property, which has a finite term of years. your lease will ordinarily be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Putney Vale. Clearly, the term of lease left reduces over time. This may pass by relatively unnoticed when the residence needs to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension. Qualifying long lease owners in Putney Vale have the legal entitlement to extend the lease for a further ninety years in accordance with legislation. Please give careful attention before delaying your Putney Vale lease extension. Holding off that expense now simply increases the price you will eventually have to pay for a lease extension

Putney Vale property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders will not loan monies on a short lease

Most mortgage lenders will not grant a mortgage on a lease with less than seventy years remaining - although this varies from lender to lender. A buyer will no doubt find it difficult to obtain a mortgage and this will result in your Putney Vale property becoming difficult to dispose of or remortgage.

Get in touch with one of our Putney Vale lease extension solicitors or enfranchisement solicitors

Lease extensions in Putney Vale can be a difficult process. We recommend you procure guidance from a conveyancer and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Putney Vale lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Putney Vale Lease Extension Case Summaries:

Holly, Putney Vale, South West London,

Off the back of unsuccessful discussions with the freeholder of her studio apartment in Putney Vale, Holly commenced the lease extension process as the 80 year deadline was quickly coming. The legal work completed in March 2012. The landlord’s charges were negotiated to approximately 450 pounds.

Putney Vale case:

In 2009 we were phoned by Ms O Nguyen who, having was assigned a lease of a one bedroom flat in Putney Vale in August 2011. We are asked if we could estimate the premium could be to extend the lease by a further 90 years. Comparative flats in Putney Vale with an extended lease were in the region of £275,000. The mid-range amount of ground rent was £45 collected monthly. The lease lapsed on 27 April 2095. Given that there were 69 years left we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 plus professional charges.